Principal Financial Group Inc. Sells 24,850 Shares of Greif, Inc. (NYSE:GEF)

Principal Financial Group Inc. cut its stake in Greif, Inc. (NYSE:GEF - Free Report) by 26.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 69,247 shares of the industrial products company's stock after selling 24,850 shares during the period. Principal Financial Group Inc. owned approximately 0.15% of Greif worth $4,339,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. AQR Capital Management LLC lifted its stake in shares of Greif by 16.7% during the second quarter. AQR Capital Management LLC now owns 372,040 shares of the industrial products company's stock valued at $21,381,000 after buying an additional 53,110 shares during the period. Systematic Financial Management LP boosted its holdings in shares of Greif by 12.3% during the second quarter. Systematic Financial Management LP now owns 262,058 shares of the industrial products company's stock worth $15,061,000 after purchasing an additional 28,669 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Greif in the second quarter valued at $4,012,000. Truist Financial Corp acquired a new position in Greif in the second quarter valued at $452,000. Finally, Price T Rowe Associates Inc. MD lifted its position in Greif by 5.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,151 shares of the industrial products company's stock worth $1,185,000 after buying an additional 886 shares during the period. 45.74% of the stock is currently owned by institutional investors and hedge funds.

Greif Trading Up 2.6 %

Shares of NYSE:GEF traded up $1.82 during mid-day trading on Friday, hitting $71.26. The stock had a trading volume of 171,912 shares, compared to its average volume of 168,095. The company's 50 day moving average is $64.18 and its 200-day moving average is $62.62. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.28 and a current ratio of 1.70. Greif, Inc. has a 12-month low of $55.95 and a 12-month high of $71.39. The company has a market cap of $3.36 billion, a PE ratio of 15.49 and a beta of 0.91.

Greif (NYSE:GEF - Get Free Report) last posted its quarterly earnings results on Wednesday, August 28th. The industrial products company reported $1.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.17 by ($0.14). The company had revenue of $1.45 billion during the quarter, compared to analysts' expectations of $1.43 billion. Greif had a return on equity of 13.28% and a net margin of 4.99%. On average, sell-side analysts predict that Greif, Inc. will post 4.2 EPS for the current year.

Greif Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were given a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 3.03%. This is an increase from Greif's previous quarterly dividend of $0.52. The ex-dividend date of this dividend was Monday, September 16th. Greif's payout ratio is currently 46.96%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Stifel Nicolaus reaffirmed a "buy" rating and set a $88.00 price target on shares of Greif in a research report on Monday, August 26th. Truist Financial reiterated a "hold" rating and set a $67.00 price objective (down previously from $69.00) on shares of Greif in a research note on Friday, August 30th. Sidoti assumed coverage on shares of Greif in a research note on Wednesday. They issued a "buy" rating and a $93.00 target price for the company. Wells Fargo & Company dropped their price target on shares of Greif from $80.00 to $76.00 and set an "overweight" rating on the stock in a research note on Monday, August 26th. Finally, Bank of America decreased their price objective on shares of Greif from $77.00 to $73.00 and set a "buy" rating for the company in a research report on Friday, August 30th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Greif presently has an average rating of "Moderate Buy" and an average target price of $79.40.

About Greif

Greif, Inc engages in the production and sale of industrial packaging products and services worldwide. The company operates through Global Industrial Packaging; Paper Packaging & Services; and Land Management segments. The Global Industrial Packaging segment produces and sells industrial packaging products, including steel, fiber, and plastic drums; rigid and flexible intermediate bulk containers; closure systems for industrial packaging products; transit protection products; water bottles, and remanufactured and reconditioned industrial containers; and various services, such as container life cycle management, filling, logistics, warehousing, and other packaging services to chemicals, paints and pigments, food and beverage, petroleum, industrial coatings, agriculture, pharmaceuticals, mineral product, and other industries.